💷 He falsely claimed that the two companies had a combined turnover of over £600,000 Read more 👉 https://lnkd.in/e_M6Z8P3
The lack of due diligence by the lender needs investigating.
Let’s hope the Insolvency Practitioners on this case carry out a thorough asset assessment including visiting the debtor personally to establish exactly were the money has been hidden 🙏🙏
How on earth could a company obtain BBL's without a trading history, bearing in mind that the criteria of the amount of a loan was based against turnover!
I know a few companies that done this also!
Recovery Professional. Business Owner at John Fairbrother Associates
1dThe major banks were throwing money at ANYBODY who applied back then. Fabricating turnover was rife amongst directors who never thought the Bank or, indeed, the Government would pursue them. Many thought simply liquidating their companies would be the end of the matter - wrong! I have had personal experience using the Prism platform and note Michael Locke’s comments here. It is an invaluable tool for Insolvency Practitioners who can easily identify rogue payments made from Bounce Back Loan funds by very simple means. I agree that Banks should have performed stricter due diligence but, at least some of the funds are being clawed back now.